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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 2.7x - 2.9x | 2.8x |
| Selected Fwd Ps Multiple | 2.6x - 2.9x | 2.7x |
| Fair Value | €380.77 - €420.85 | €400.81 |
| Upside | -19.6% - -11.2% | -15.4% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Fortive Corporation | - | NYSE:FTV |
| Lincoln Electric Holdings, Inc. | - | NasdaqGS:LECO |
| Ingersoll Rand Inc. | - | NYSE:IR |
| Helios Technologies, Inc. | - | NYSE:HLIO |
| IDEX Corporation | - | NYSE:IEX |
| Parker-Hannifin Corporation | - | DB:PAR |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| FTV | LECO | IR | HLIO | IEX | PAR | |||
| NYSE:FTV | NasdaqGS:LECO | NYSE:IR | NYSE:HLIO | NYSE:IEX | DB:PAR | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 6.4% | 5.9% | 29.1% | 7.8% | 5.6% | 6.8% | ||
| 3Y CAGR | 5.8% | 7.4% | 12.0% | -2.5% | 5.7% | 11.6% | ||
| Latest Twelve Months | 2.7% | -4.4% | 5.2% | -3.6% | -0.2% | 0.4% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 18.2% | 10.6% | 7.9% | 7.6% | 17.0% | 11.1% | ||
| Prior Fiscal Year | 14.3% | 13.0% | 11.3% | 4.5% | 18.2% | 10.9% | ||
| Latest Fiscal Year | 13.4% | 11.6% | 11.6% | 4.8% | 15.4% | 14.3% | ||
| Latest Twelve Months | 13.4% | 11.6% | 11.6% | 4.8% | 15.4% | 15.9% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 14.8x | 13.1x | 16.3x | 8.7x | 15.6x | 14.9x | ||
| Price / LTM Sales | 3.5x | 2.4x | 3.9x | 1.1x | 3.8x | 3.3x | ||
| LTM P/E Ratio | 26.2x | 20.7x | 33.5x | 22.6x | 24.3x | 21.1x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 1.1x | 3.5x | 3.9x | |||||
| Historical LTM P/S Ratio | 1.7x | 2.8x | 3.3x | |||||
| Selected Price / Sales Multiple | 2.7x | 2.8x | 2.9x | |||||
| (x) LTM Sales | 19,908 | 19,908 | 19,908 | |||||
| (=) Equity Value | 53,126 | 55,922 | 58,718 | |||||
| (/) Shares Outstanding | 128.8 | 128.8 | 128.8 | |||||
| Implied Value Range | 412.58 | 434.30 | 456.01 | |||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | ||||
| Implied Value Range (Trading Cur) | 376.52 | 396.34 | 416.16 | 473.80 | ||||
| Upside / (Downside) | -20.5% | -16.3% | -12.2% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | FTV | LECO | IR | HLIO | IEX | PAR | |
| Value of Common Equity | 21,823 | 9,650 | 28,095 | 880 | 12,275 | 66,852 | |
| (/) Shares Outstanding | 340.3 | 56.1 | 403.1 | 33.3 | 75.5 | 128.8 | |
| Implied Stock Price | 64.13 | 172.02 | 69.70 | 26.43 | 162.49 | 519.18 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.10 | |
| Implied Stock Price (Trading Cur) | 64.13 | 172.02 | 69.70 | 26.43 | 162.49 | 473.80 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.10 | |